Astris Energi Strongest in Its History, President Tells Shareholders.

Business Editors/Energy Writers

MISSISSAUGA, Ontario, Canada--(BUSINESS WIRE)--Oct. 18, 2001

Recent progress on several fronts have put Astris Energi Inc. (OTC BB:ASRNF) in the strongest position in its 12-year history, Jiri K. Nor, president, told stockholders in a report issued today.

"Our alkaline fuel cell-powered golf car, the first in the world, has been operating perfectly since last May," Nor wrote, "and our prototype system for providing electricity, heat and hot water for homes and small businesses is also doing well in the Czech Republic under the guidance of our affiliate company there."

Details of the proposed joint venture with ACE Golf Cars Inc., for which a letter of intent was recently signed, are now being negotiated and signature of the final agreement is expected soon.

When consummated, he explained, this venture will combine the technology and production capabilities of Astris with the marketing experience of the ACE organization to pursue both the golf car and Neighborhood Electric Vehicle (NEV) markets both here and abroad.

The company is also seeking joint venture partners with which to enter other application areas for its pioneering fuel cell energy systems. Discussions have been had with several candidates in the United States and Canada, he said, adding that avid interest has also come from companies in England, Scotland, Spain, Malaysia and India.

Another recent accomplishment of special interest to shareholders was certification of Astris as a full-reporting company by the U.S. Securities and Exchange Commission and the subsequent listing of its common stock on the OTC Bulletin Board Service.

The annual meeting of stockholders has been set for 11 a.m., Nov. 12, 2001, at the Delta Meadowvale Resort & Conference Center in Mississauga.

Note: Any statements contained in this release that are not statements of fact may be considered "forward-looking statements" as that term is defined in U.S. federal security laws. Forward-looking statements are only predictions and may differ materially from actual events or results.